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Compliance Testing and Auditing in Lithuania: A Must for Financial Sector Companies
In a rapidly changing financial landscape, compliance testing and auditing has become an essential component of doing business in Lithuania. As a country with a highly regulated financial sector, companies licensed by the Bank of Lithuania must ensure they are in compliance with the latest directives and regulations.
Why Compliance Testing and Auditing is Crucial
To help financial sector companies achieve this goal, [Company Name] offers internal audit services tailored to their specific needs. With expertise in Fintech companies, we understand the unique challenges and risks faced by these organizations. Our internal audits are designed to be risk-oriented, aligned with the Bank of Lithuania’s latest directives, and focused on providing a strategic edge in a highly regulated environment.
Auditable Areas of Focus
Our auditable areas of focus include:
- AML/CTF Compliance Program
- Business Plan Continuity Evaluation
- Outsourcing Arrangements
- Safeguarding of Customers’ Funds
- Information and Communication Technology and Security Risk Management
- Governance
- Internal Control
- Risk Management System
- Capital Adequacy
- Data Protection and Privacy
- Assessment of Implementation of the Remediation Plan
Key Focus Areas
A key area of focus is Anti-Money Laundering and Counter-Financing of Terrorism regulations. Our audits assess the effectiveness of policies, controls, and procedures in preventing, detecting, and reporting suspicious activities. We also review business continuity plans to ensure readiness and effectiveness in maintaining critical operations during disruptions such as cyber attacks or ransomware.
Additional Services
In addition, we evaluate:
- Outsourcing arrangements for risk management, service level agreements, and regulatory compliance
- Measures in place for protecting customer funds, ensuring compliance with regulatory requirements and mitigating risks related to customer asset safeguarding
- Governance structures, internal control systems, and risk management processes to ensure they are robust and comply with regulatory expectations
Benefits of Partnership
By partnering with [Company Name], financial sector companies licensed by the Bank of Lithuania can ensure compliance testing and auditing that meets their unique needs and provides a strategic edge in a highly regulated environment. Send us your inquiry today to learn more about our services and how we can support your organization’s compliance goals.
Get Started
Don’t wait – start your journey towards compliance testing and auditing today! Contact us to learn more about our services and how we can help your organization achieve its goals.